Securities Specialists Seek To Have Fraud Charges Dropped

Law360 (May 17, 2006, 12:00 AM EDT) -- Two specialist securities traders accused of fraudulent practices at the New York Stock Exchange filed a joint motion Tuesday seeking to have the charges against them dropped or amended.

Thomas J. Murphy and David Finnerty are two of 15 so-called “specialists” who found themselves facing federal, criminal charges stemming from allegations of improper trading between 1999 and April 2003.

The defense is confident in its case, a fact evidenced by its willingness to take the matter to trial, said Murphy’s attorney, Robert Morvillo.

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